JiaYuan represented SAIC Motor Corporation Limited (“SAIC Motor”), China's biggest car maker, on its issuance of US$855 million (RMB6.3 billion) separately tradable convertible bonds. In December 2007, SAIC Motor issued 63 million convertible bonds. Each bond has a face value of RMB100 and carries 3.6 stock-subscription warrants issued by SAIC Motor free of charge, exercisable at the end of 24 months at a price of RMB27.43 per share. The issuance of convertible bonds is another important initiative of SAIC Motor since its restructuring in 2006 whereby SAIC Motor listed its entire-vehicle business through a private placement. JiaYuan also advised SAIC Motor on its 2006 restructuring.